The president of the U.S, Donald Trump, signed an executive order on Monday banning American citizens from using the Venezuelan government’s bespoke cryptocurrency, called the Petro. This is the first time a US president has banned a cryptocurrency. The Petro is Venezuelan President Nicolás Maduro’s attempt to financially boost his country’s struggling economy, and Maduro claimed that digital token sales (which were open to non-Venezuelan investors) raised more than $700Million USD after a pre-sale in February. Petro tokens are based on distributed ledger technology, similar to Bitcoin. The Venezuelan government intends to accept them as payment for services and will encourage merchant adoption. The Petro is a very controversial coin since the behavior of the Venezuelan government is very corrupt and didn’t want this government gaining revenue from American investors. As said before, Trump signed an executive order on Monday that “prohibits, as of its effective date, all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018,” which would certainly cover the Petro since its pre-sale took place in late February. The order authorizes authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce of the ban in consultation with the Secretary of State. The news of this coming out hasn’t really affected the market at all since this only affects one coin, and a coin hardly any investors or traders would take a risk in, as for Venezuela, it probably will take a greater toll on them. . .
*This is not financial advice, just my thought*
*Credit: motherboard .
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